EXHIBIT (28)

                    REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

To Price/Costco, Inc:

    We  have reviewed the accompanying  condensed consolidated balance sheets of
Price/Costco, Inc., (a Delaware corporation) and subsidiaries as of February 13,
1994, and the related  condensed consolidated statements  of operations for  the
twelve-week  and twenty-four week  periods ended February  13, 1994 and February
14, 1993 and the condensed consolidated statements of cash flows for the twenty-
four week  periods  ended  February  13, 1994,  and  February  14,  1993.  These
financial statements are the responsibility of the company's management.

    We  conducted our  review in  accordance with  standards established  by the
American  Institute  of  Certified  Public  Accountants.  A  review  of  interim
financial   information  consists  principally  of  applying  analytical  review
procedures to the financial data and making inquiries of persons responsible for
financial and accounting  matters. It  is substantially  less in  scope than  an
audit in accordance with generally accepted auditing standards, the objective of
which  is the expression of an  opinion regarding the financial statements taken
as a whole. Accordingly, we do not express such an opinion.

    Based on our  review, we are  not aware of  any material modifications  that
should  be made to the financial statements referred  to above for them to be in
conformity with generally accepted accounting principles.

ARTHUR ANDERSEN & CO.

Seattle, Washington
March 21, 1994

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